In recent months, regulators have issued multiple documents in the form of supervisory guidance and observations, raising concerns for credit unions. Notably, the October 2023 Supervisory Highlights from the Consumer Financial Protection Bureau (CFPB) addressed "[...]
In the rapidly evolving digital landscape, your financial institution must continually evaluate and upgrade its digital offerings to stay competitive. More consumers are shifting towards digital banking services —and while the traditional brick-and-mortar banking model [...]
Is your overdraft program on autopilot? Does it rely solely on the functionality of your core processor? Are you confident that your credit union is compliant with UDAAP practices when it comes to handling overdrafts [...]
The American Bankers Association released a new survey that offers insights into how consumers perceive and value overdraft protection. To gain a deeper understanding of the findings, you can explore the full report here: https://[...]
In the rapidly evolving digital landscape, credit unions must continually evaluate and upgrade their digital offerings to stay competitive. As an increasing number of consumers shift towards online banking, the traditional brick-and-mortar banking model is [...]
As we enter the strategic planning and budgeting season, evaluating your tech stack and contract pricing must be on your agenda. Modernizing your tech stack will ensure operational efficiencies, account holder satisfaction, and overall business [...]
Credit unions and community banks play a vital role in supporting your communities financially. To ensure you can fulfill this mission effectively, investing in frontline training is essential. Training equips your staff with the necessary [...]
According to the most recent survey from Bankrate1, U.S. adults, on average, have held the same checking account for 17.75 years, with adults age 55+ keeping the same account for 24.6 years, [...]
According to the most recent survey from Bankrate1, U.S. adults, on average, have held the same checking account for 17.75 years, with adults age 55+ keeping the same account for 24.6 years, [...]
Like most community banks and credit unions, you may be short-staffed right now — and for the past several months. According to the U.S. Bureau of Labor Statistics, the finance and insurance industry has seen [...]
There’s no doubt that algorithms can reach levels of analysis that humans alone can’t make. In banking, Artificial Intelligence (AI) might identify fraudulent activity or improve fair lending practices — both of which ultimately [...]
Similar to skipping annual doctor and dentist checkups, putting off regular overdraft program disclosure evaluations until the next rule change or updated guidance can result in major and costly problems. It’s nearly always easier [...]
As economic and regulatory uncertainty continues, so does the need for a reliable way for consumers to make ends meet. While there are some signs of economic improvement, a few real challenges persist, including: 64% [...]
Will there be any overdraft legislation passed or CFPB guidance published in the near future? Nobody knows. While there are those taking a “wait-and-see” approach to an ever-changing climate, this comes with its own set [...]
Technology is an integral part of how financial institutions operate and provide account holders with the products and services they need, in fact, IT services can account for as much as 70% of total spending, [...]
